Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Shares Sold by GSA Capital Partners LLP

GSA Capital Partners LLP cut its position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 22.4% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 10,054 shares of the technology company’s stock after selling 2,906 shares during the quarter. GSA Capital Partners LLP’s holdings in Cogent Communications were worth $616,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of CCOI. DigitalBridge Group Inc. lifted its position in Cogent Communications by 246.0% in the 4th quarter. DigitalBridge Group Inc. now owns 907,916 shares of the technology company’s stock valued at $69,973,000 after purchasing an additional 645,521 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Cogent Communications in the 4th quarter valued at about $39,845,000. Brown Advisory Inc. lifted its position in Cogent Communications by 24.1% in the 4th quarter. Brown Advisory Inc. now owns 1,897,090 shares of the technology company’s stock valued at $146,209,000 after purchasing an additional 368,129 shares during the last quarter. Hood River Capital Management LLC raised its position in shares of Cogent Communications by 21.8% during the 4th quarter. Hood River Capital Management LLC now owns 1,436,855 shares of the technology company’s stock worth $110,738,000 after buying an additional 257,383 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its position in shares of Cogent Communications by 45.7% during the 4th quarter. Ameriprise Financial Inc. now owns 752,158 shares of the technology company’s stock worth $57,961,000 after buying an additional 235,842 shares in the last quarter. 92.45% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. UBS Group dropped their price target on shares of Cogent Communications from $102.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday, May 9th. The Goldman Sachs Group dropped their price target on shares of Cogent Communications from $71.00 to $62.00 and set a “neutral” rating on the stock in a research report on Friday, May 9th. Two analysts have rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $75.75.

Cogent Communications Stock Down 1.0%

CCOI stock opened at $45.14 on Monday. The firm’s 50-day moving average is $48.44 and its two-hundred day moving average is $58.93. The company has a market capitalization of $2.23 billion, a price-to-earnings ratio of -11.26 and a beta of 0.68. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 13.89. Cogent Communications Holdings, Inc. has a 52 week low of $43.65 and a 52 week high of $86.76.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings data on Thursday, May 8th. The technology company reported ($1.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.05) by ($0.04). The business had revenue of $247.05 million during the quarter, compared to analyst estimates of $250.81 million. Cogent Communications had a negative return on equity of 70.29% and a negative net margin of 18.76%. The business’s revenue for the quarter was down 7.2% on a year-over-year basis. During the same period in the prior year, the firm earned ($1.38) EPS. On average, analysts forecast that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Thursday, May 22nd were paid a $1.01 dividend. The ex-dividend date of this dividend was Thursday, May 22nd. This represents a $4.04 annualized dividend and a dividend yield of 8.9%. This is an increase from Cogent Communications’s previous quarterly dividend of $1.01. Cogent Communications’s dividend payout ratio is presently -100.75%.

Insider Transactions at Cogent Communications

In other news, CFO Thaddeus Gerard Weed sold 4,900 shares of Cogent Communications stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $48.04, for a total value of $235,396.00. Following the transaction, the chief financial officer owned 98,000 shares of the company’s stock, valued at $4,707,920. The trade was a 4.76% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Henry W. Kilmer sold 2,400 shares of Cogent Communications stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $47.95, for a total transaction of $115,080.00. Following the completion of the transaction, the vice president directly owned 38,600 shares in the company, valued at $1,850,870. This represents a 5.85% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 445,500 shares of company stock valued at $21,285,069 in the last quarter. Insiders own 10.20% of the company’s stock.

Cogent Communications Profile

Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services in North America, Europe, Oceania, South America, and Africa. The company offers on-net Internet access and private network services to law firms, financial services firms, and advertising and marketing firms, as well as heath care providers, educational institutions and other professional services businesses, other Internet service providers, telephone companies, cable television companies, web hosting companies, media service providers, mobile phone operators, content delivery network companies, and commercial content and application service providers.